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. >> and has it down 23%. thank you. >>> egypt's president mohamed morsi fleeing the palace today. all of this as the backlash to the new sweeping power he is granted himself bubbles over. we'll take you live next to egypt for the latest developments on this important story. stay with us. >>> also ahead, netflix stocks sky is rocketing today in the wake of its licensing deal with disney. how big of a deal is this for netflix, and is it a stock to own? stay with us on that. >>> later on, bracing for a catastrophe. allstate estimating hurricane sandy will cost it over $1 billion, but will the impact on the fiscal cliff be even worse? the head of allstate is with me sitting down for a cnbc exclusive coming up in a few minutes. don't miss it. back in a moment. [ male announc] at scottrade, you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our
ceo of pimco mr. mohammed el-erian. welcome back. >> thank you, bill. >> and i've given you your first question. i gave it to rick earlier. we've seen this rise in yields even as the fed met to try to bring rates down some more. even as the fiscal cliff negotiations continue on. you'd think there'd be a rush to these safe havens. that's not happening. have we seen the low for the treasury yields for the foreseeable future? >> it depends which bend of the curve you're talking about. if you're talking about the 10 year point, we would agree with rick. looks like a range between 1.6% and 2%. and the language of keeping interest rates at zero. the long end is going to be volatile and more dangerous. it depends where on the curve you. >> so -- i'm sorry? >> it was interesting. this was brought up by one of our portfolio managers this morning. the fed's statement was hawkish last wednesday. we don't agree. what the fed tried to do is provide greater clarity to the markets. >> right. >> but that had been misinterpreted as it being more hawkish. we don't think that is the case. >> so all of th
mohammed al ariane has probably been more of a proponent of the new normal. i don't know whether that's a pimco idea, the firm that pimco came up with following the fiscal crisis -- not the fiscal -- financial crisis. if you still believe that, what if we never get to 6.5%. >> well, hi, joe. it's great to see you. you're exactly right. just a month ago chairman bernanke for the first time acknowledged that the u.s. has structurally lower economic growth. but we've been calling the new normal for the last few years. and you're exactly right. that means the fed, if you combine that with yesterday's announcement, that means the fed is going to be exceptionally easy for a long time, and that it could be a couple years or could be three, four years, maybe even longer, because unemployment is now structurally higher. we hope it's 6.5% is not the new naru, the new minimum unemployment. certainly it is increasing. the longer people stay unemployed the more structural it becomes. the fed is really in a box here. they're trying to engineer financial market outcomes. trying to raise the prices o
president mohamed morsi's power grab. we've seen what he's done over the last couple of weeks. these protests are in response to several decrees issued by morsi that gives him near absolute power. last night an estimated 10,000 people crowded in the center of alexandria. tens of thousands rallied in tahrir square. and 100,000 demonstrated in front of the presidential palace. >>> and back here in tus, a busy economic calendar. we get the adp employment report, which is -- i don't know whether it's better or worse now. we'll see. >> they're looking at -- oh, private payrolls. >> coming in at 125 in private jobs. >> 79,000 or 80,000, which was closer to the total number. >> we must still be losing government jobs. 8:30 eastern, a revision to third quarter productivity and costs. and then later this morning, a november ism number, but it's nonmanufacturing. here's a few early stocks to watch. facebook is going to join the fa face the nasdaq indix. pandora media is lowing its fourth quarter guides. they are worried about the fiscal cliff. shares dropped after hours. that's not wher
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